Posts Tagged ‘volvo investing $11 billion’

Swedish Prince Carl Philip will race with the Volvo Polestar team next year. Photo courtesy Autoblog.com

Sweden’s Prince Carl Philip will be strapping on a helmet and racing for the Volvo Polestar team in the Swedish Touring Car Championship next year. Consider it returning a favor.

Despite its historic ties to the Scandinavian nation, Volvo hasn’t been Swedish owned in a decade. It was sold to Ford Motor Co. in January 1999 and then to China’s Geely two years ago. That maker has plans to launch production in its home market, leading some to worry if it wouldn’t eventually cut ties to Volvo’s homeland. Not to worry, officials have announced.

Come Along for the Ride!

“Almost half of the approximately US $11 billion investments covering the years 2011 to 2015 will be spent in Sweden in the form of infrastructure for the new vehicle architecture and engine family,” said Håkan Samuelsson, President and CEO of Volvo Car Group. “This is a proof of Volvo Car Group’s determination to strengthen the company’s position as a Swedish car maker with a unique attractiveness on the global market.”